RBS and the State of California both see $41 billion holes

Royal Bank of Scotland may post a 2008 loss exceeding $41 billion –coincidentally the size of the 2009 projected deficit for the entire state of California. Let’s compare the two:

Royal Bank of Scotland:                    State of California

No. of employees: 227,800              Population: 36.5 million

Revenues: $47.85 bilion                   Est. 2009 Revenues: $72.6 billion

Est. 2008 loss:  $41.3 billion           Est. 2009 Budget Gap: $41.56 billion

It’s wondrous how much banks can write-down. RBS has 0.6% the number of people under its employ compared to the number of people living in California, yet it can match the Golden State dollar for dollar on budget holes.

 

 

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